Midler, 72, will play a wealthy, bored, Manhattan housewife Marjorie, whose life is turned upside down by a visit from her glamorous childhood friend, Lee, played by 59-year-old Stone.

Deadline reported that both stars are on board, with Andy Fickman - who directed Midler in 2012 comedy 'Parental Guidance' - set to helm the project.

Adapted from the Tony-nominated play by Charles Busch, 'The Tale Of The Allergist's Wife' is an odd-couple story. Doctor's wife Marjorie is in the middle of a late-life crisis and none of her husband's efforts to try and help are working. When her wild, mysterious old friend Lee arrives in their lives, Marjorie is delighted, but Lee has a secret agenda that they never expected.

'Beaches' star Midler recently won a Tony Award herself for her performance in Broadway musical 'Hello Dolly!', and 'Basic Instinct' star Stone most recently appeared in the Oscar nominated comedy 'The Disaster Artist'.

Stone was forced to take a break from acting when she was struck by a brain haemorrhage, and last year revealed she had just a ''five per cent chance'' of living.

The Oscar-nominated actress had to re-learn ''everything'' when her life was ''wiped out'' as a result of the ruptured blood vessel in 2001, and she believes work dried up following her recovery because she was considered to be a ''broken person''.

Sharon said: ''There was about a five per cent chance of me living. My whole life was wiped out.

''Others aren't that interested in a broken person. I was alone.

''I'm sure I seemed peculiar coming through this all these years, and I didn't want to tell everybody what was happening because, you know, this is not a forgiving environment.

''I'm so grateful to have this. The chance of my having it was so slim.''